Mr. Speaker, that is right. This bill is about the abolition of the penny and I will keep it to that.
I am proud to introduce this bill. Many Canadians believe the penny is an expensive nuisance. They believe that we are spending $130 million a year to produce something that no one wants or needs. Therefore, this bill would phase it out of circulation. It would make it so that the penny would no longer be legal tender as of January 1, 2009 and it would introduce a rounding system whereby prices would be adjusted to the nearest nickel.
(Motions deemed adopted, bill read the first time and printed)